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asjstr asjstr
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5 years ago

Question 1.

Suppose a 4 percent increase in income results in a 2 percent decrease in the quantity demanded of a good. Calculate the income elasticity of demand for the good and determine what type of good it is.

Question 2.

When the price of Starbucks coffee increased by 8 percent, the quantity demanded of Peet's coffee increased by 10 percent. Calculate the cross-price elasticity of demand between Starbucks coffee and Peet's coffee. What is the relationship between the two products?
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Microeconomics

Microeconomics


Edition: 7th
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IsackIsack
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